Apple Bank for Savings has announced the approval of the acquisition of 29 branches and the related deposit accounts/services from Emigrant Savings Bank.  The acquisition, originally announced in July 2012, was approved by the Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Services, and is expected to close in April 2013.
Under the terms of the acquisition, Apple Bank, which has branches in Scarsdale and Thornwood, is purchasing roughly $3.2 billion in deposits, which encompasses most of Emigrant”™s retail branch network. Emigrant will retain its offices on E. 42nd St. in Manhattan and in Ossining, as well as its Internet-based accounts, which amount to nearly $5 billion in deposits.
Once the acquisition is complete, Apple Bank”™s total assets are expected to increase from roughly $9.8 billion to $13 billion, with 79 branches in the greater New York region.
“The Emigrant branch acquisition is a good strategic fit for Apple Bank that significantly improves the scale and critical mass of our branch network,” said Alan Shamoon, chairman, president and CEO of Apple Bank. “The addition of Emigrant”™s long-term customer base with complementary demographics will strengthen our presence in a market we have been successfully serving for 150 years.”
Apple Bank has emerged as the third largest state-chartered savings bank in New York. As of Dec. 31, 2012, Apple Financial Holdings Inc. reported total capital and reserves of $816 million.
